Latest news with #EngkuAbLatif
Barnama
3 days ago
- Business
- Barnama
Ringgit Strengthens Against Us Dollar Amid Tariff Shock Effects
By Engku Shariful Azni Engku Ab Latif KUALA LUMPUR, May 26 (Bernama) -- The ringgit continued to strengthen against the US dollar at opening today, driven by tariff shocks that are expected to negatively impact the US economy, said an analyst. At 8.04 am, the local note rose to 4.2100/2410 versus the greenback from Friday's close of 4.2285/2345. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the recent tax cut legislation passed by the US House of Representatives is expected to widen the fiscal deficit and increase government debt levels. 'The sovereign rating downgrade by Moody's Ratings, which occurred prior to the legislation's approval, has pushed US Treasury yields higher, with 30-year bonds exceeding the 5.0 per cent mark, making borrowing more expensive. 'As a result, markets are now at a critical crossroads, as the US dollar, traditionally seen as a safe-haven currency, is having that status revisited,' he told Bernama. As such, the ringgit is expected to remain positive in light of the weak US dollar, he added. Mohd Afzanizam said the current US$/RM support and resistance levels are at 4.0942 and 4.2624, respectively. "Assuming the ringgit strengthens by a further 0.5 per cent this week, the US$/RM pair could settle around 4.2103, within a range of 4.22 to 4.23," he said.
Barnama
15-05-2025
- Business
- Barnama
Ringgit Eases Against US Dollar Amid Potential Trade Deal Between US And China
15/05/2025 09:08 AM By Engku Shariful Azni Engku Ab Latif KUALA LUMPUR, May 15 (Bernama) -- The ringgit opened slightly lower against the US dollar as traders continue to observe the potential trade deal between the US and China, along with geopolitical risks, according to an economist. At 8.02 am, the local note edged down to 4.2880/3090 versus the greenback compared to Wednesday's closing rate of 4.2840/2910. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the positive sentiments led the US Dollar Index (DXY) to gain some grounds, while emerging currencies are stabilising. 'Market sentiments are fairly positive and stable as the standoff between the US and China looks like receding, paving the way for the trade deal at some point in the future,' he told Bernama. "Thus, we foresee dollar-ringgit lingering around its current level today,' he added. At the opening, the ringgit traded higher against a basket of major currencies. It rose against the Japanese yen to 2.9230/9377 from 2.9373/9425 at Wednesday's close, appreciated versus the British pound to 5.6867/7146 from 5.7191/7285 and gained vis-a-vis the euro to 4.7931/8166 from 4.8204/8282 previously. Meanwhile, the local note was traded mixed against its ASEAN peers.
Barnama
14-05-2025
- Business
- Barnama
Ringgit Opens Higher Against US Dollar As US-China Trade Tensions Ease
By Engku Shariful Azni Engku Ab Latif and Harizah Hanim Mohamed KUALA LUMPUR, May 14 (Bernama) -- The ringgit opened higher against the US dollar today, as easing US-China trade tensions brought relief to the financial markets, reducing recession fears and boosting risk-on sentiment among the traders and investors, an analyst said. At 8.01 am, the local note appreciated to 4.3045/3245 versus the US dollar compared to Tuesday's close of 4.3185/3250. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US consumer price index (CPI) grew 2.3 per cent year-on-year in April, slightly below market expectations of 2.4 per cent, while core CPI sustained at 2.8 per cent. "The moderation in CPI also suggests that concerns over US tariff-induced inflation may take a backseat for now," he told Bernama. Mohd Afzanizam said the economic data also indicates that the US Federal Reserve (Fed) has the policy space to reduce the Fed Fund Rate going forward. Therefore, the Federal Open Market Committee meeting on June 17 and 18 will be crucial, as the Fed is set to publish its latest quarterly macroeconomic forecast, he added. "The latest National Federation of Independent Business Optimism Index, which reflect small business sentiment, declined 95.8 points in April, the fourth consecutive months of decline since January this year. "Hence, the case for lower interest rate is valid, as weak business sentiments would result in reduced capital spending and hiring appetite," he said.
